- Several big traditional retailers had a rough January.
- Sears Holdings, Bon-Ton Stores, Stein Mart, and Nine West Holdings all have recently made moves that show financial desperation.
Sears Holdings, which has been on a highly effective hedge-fund-manager-designed program of cost-cutting itself to death, announced today that it obtained another $ 100-million loan from JPP, LLC and JPP II, LLC, which are solely owned by said hedge-fund manager and CEO of Sears Holdings, Eddy Lampert.
After prior loans by the same entities and by Lampert’s hedge fund ESL were secured by the part of real estate that hadn’t been sold off in sweetheart deals to affiliated parties, the new loan is secured “by certain real property interests” and by “substantially all of the unencumbered intellectual property of the Company and its subsidiaries” except the IP related the Kenmore and DieHard brands.See the rest of the story at Business Insider
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